Essential processes in manufacturing such as thermal spray coatings have been impacted since the end of 2019. The manufacturing sector is facing substantial supply chain disruptions. In addition, the COVID-19 outbreak has also resulted in a sharp decline in new orders. Further, the pandemic has generated concerns of a recession. These factors are expected to have a negative impact on the thermal spray coatings market in the near term.
The global thermal spray coating market has been projected to expand at a healthy 6.5% CAGR through the end of the forecast period.
End user verticals will face major challenges throughout the duration of the pandemic in terms of procuring raw materials, and keeping up supplies, thus impacting short-term demand.
However, thermal spray coating applications in production of medical devices will help in partially mitigating the losses in this crisis period.
Most businesses in the manufacturing sector have been preparing for the impact of COVID-19 on their operations. Reduced investments, low oil prices, and cash flow issues remain key concerns. The slowdown in economic activity and growing number of on-site orders will eat into the demand for thermal spray coatings in the months to come>
Thermal Spray Coatings Market- Key Takeaways
- Ceramic thermal spray coatings will remain major contributors to market revenue owing to industrial, automotive and aerospace applications.
- Wear and corrosion resistance, minimal emissions, and higher thickness characteristics is driving strong demand for applications in the aerospace industry.
- Plasma spray technology will gain major ground during the projection period owing to the wide scope of application on myriad materials and surfaces.
- North America will hold the lead in the thermal spray coating market owing to the presence of major aerospace industries, and oil exploration activities in the region.
Thermal Spray Coatings Market- Key Driving Factors
- Rising industrial user bias towards thermal spray coatings, over hard chrome variants is a key driver in the market.
- Tech advancements in terms of spray coating materials and delivery methods will support adoption.
- Environmental concerns associated with chrome plating processes, has increased the popularity of thermal spray coating alternatives.
- Strong activity in medical, paint, aerospace and automotive finishing will aid demand for thermal spray coatings.
Thermal spray coatings Market- Key Restraints
- Line of sight coating processes for thermal sprays limit applications in deep or small cavities, creating porosity issues in end products.
- The emergence of cost-efficient alternatives such as trivalent chromium coatings hinder applicability of thermal spray coatings
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COVID-19 Impact on Thermal Spray Coatings Market
Thermal spray coatings are increasingly finding application in the manufacturing process of numerous healthcare devices such as ventilators, electrocardiographs, and MRI machines among others. Amidst the pandemic, the demand for medical devices has soared, generating demand for thermal spray coatings.
Also, abrasion and corrosion resistance characteristics of thermal spray coatings are key to the production of medical components. This trend will help in partially mitigating losses from the temporary closure of other end user verticals such as the automotive and aerospace and industries.
The thermal spray coatings market is fairly fragmented, characterized by numerous small and medium scale enterprises.
Major players are increasingly investing their resources in customized offerings, to meet the needs of a diverse range of end user verticals. For instance, Sulzer UK has developed spray coating solutions specifically for offshore exploration activities, keeping up high production values, while being in compliance with safety norms.
Metallisation Ltd., Sulzer Ltd., ASB Industries Inc., Praxair Inc., Thermal Spray Technologies Inc., Oerlikon Group, Bodycote plc, and Curtis-Wright Corporation are some of the leading thermal spray coatings producers in the global market